Jack Schwager

If you had 1 minute with someone who wants to learn trading, what would you say? These are some of the absolute essentials: There is no single right methodology, but there is a right methodology for each trader, and it… Continue Reading →

What differentiates the highly successful market practitioners—the Market Wizards—from ordinary traders? What traits do they share? What lessons can the average trader learn from those who achieved superior returns for decades while still maintaining strict risk control? Jack Schwager has… Continue Reading →

Think about why you really want to trade. If you want to trade for the excitement, you might be better off riding a roller coaster or taking up hang gliding. In my own case, I found that the underlying motive for trading… Continue Reading →

The second key element that finally put me into the winner’s column was the realization that risk control was absolutely essential to successful trading. I decided that I would never again allow myself to lose everything on a single trade—no matter how convinced… Continue Reading →

The great traders fully realize that losing is an intrinsic element in the game of trading. This attitude seems linked to confidence. Because exceptional traders are confident that they will win over the long run, individual losing trades no longer seem horrible; they… Continue Reading →

Same basic message from Stock Market Wizards: Maintain awhole-picture perspective. Focus on the entire market and the sector, not just the individual stock. Be attentive to qualitative factors, not just the available quantitative information. Develop a trading plan that encompasses all the aspects… Continue Reading →

The markets are not random. I don’t care if the number of academicians who have argued the efficient market hypothesis would stretch to the moon and back if laid end to end; they are simply wrong. – Jack Schwager

The one characteristic that all the managers share is that they have demonstrated an ability to generate superior return/risk performance. Because so much of what passes for high returns merely reflects a willingness to take more risk rather than being an… Continue Reading →

Many traders have the discipline to set stops and stick with them, but make the critical mistake of determining the stop points as pain thresholds rather than price levels that disprove their original trade premise. When they get stopped out, they… Continue Reading →